Hammond makes spring statement

Chancellor Philip Hammond earlier today delivered his spring statement, stating that improved financial forecasts from the Office of Budget Responsibility (OBR) showed “light at the end of the tunnel’ for national finances and an easing of austerity.

Key points:

Despite ongoing calls for additional funding to local government, the statement gave no indication to whether this would be a priority moving forward

The budget deficit for the year is predicted to come in at £45.2bn, down £4.7bn from the November forecast

According to OBR figures, productivity was stronger than expected. Growth for 2018 is expected to come in at 1.5%, slowing in 2019 and picking up ‘modestly’ for the following three years

On course to meet the Chancellors borrowing target of no more than 2% of national income in 2020 – 2021 – with roughly £15bn of leeway possibly earmarked for increases in spending on propriety public services

The OBR’s background papers confirm the final amount the UK expects to pay to divorce from the EU as 41.4bn euros (£37.1bn)

Potential future policies:

A reduction in tax on for the least polluting vans to “help the great British white van driver go green”

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